Moore, who raised his price target to $139 from $125 after the results, added that while the company underperformed last year due to supply constraints, - making comparisons easier this year - Applied is still executing well, especially in ICAPS, and the company's strong position in China and trailing edge are "major factors."

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J.P. Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, raised his price target after the results, moving to $165 from $145 and said he believes the company will outpace the wafer fab equipment market due to "healthy exposure" in foundry and logic.